Auction Terms & Conditions TERMS & CONDITIONS:
REGISTRATION: Onsite/Online registration will begin at 2 pm Feb. 4th and continue to the end of the auction. All bidders must provide name, address, phone number, valid driver's license and credit card (for verification only) information in order to register. All bidders will receive a "Bid Card Numbers" during registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. No deposit will be required to register or to bid.
DOWN PAYMENT: The successful bidder(s) shall be required to make a non-refundable down payment of $1,000 by 5pm on the day the auction ends and an additional payment that will bring the total non-refundable down payment to 10% of the contract price, no later than 5pm CST, three (3) days after the end of the auction. The non-refundable deposits may be paid by certified funds or by wire transfer. All deposits must be paid to the title company (First International Title).
FINANCING: Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.
CONTINGENCIES: Interested buyers are encouraged to preview the property and review all available information provided to registered bidders or otherwise generally available to the public. Buyer's due diligence is important, as there are no contingencies for the sale of properties in this auction.
CONTRACT SIGNING: The successful bidder(s), shall execute a purchase agreement immediately following the close of bidding. Successful online bidder(s) will receive the purchase agreement via fax or e-mail and should sign and return the agreement to the Auction Company no later than 5pm (CST) of the closing date of the auction. All final bid prices are subject to Seller acceptance unless announced otherwise. The contract price is the high bid price plus the 10% Buyer's Premium.
CLOSING: Buyer(s) shall close within 30 days of the auction date. Possession will be upon delivery of title at closing.
CLOSING COSTS: The seller shall pay the deed document stamps, owner's title policy, and pro rated taxes to the date of closing, real estate professional fees and any courier services needed by the seller. All other closing costs shall be the responsibility of the buyer.
EVIDENCE OF TITLE: Seller shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount equal to the total purchase price and shall execute a warranty deed, general warranty deed or special warranty deed conveying the real estate to the buyer(s).
REAL ESTATE TAXES, ASSESSMENTS, & EASEMENTS: 2016 taxes are to be prorated as of the closing date. Sale of said property is subject to any and all easements of record.
AGENCY: ERA Old South Properties, Inc., the auction company (Cotton & Associates), and any other Brokers submitting a listed property are Agents of the Seller.
BUYER'S PREMIUM: A buyer's premium of ten percent (10%) shall be added to the highest and final bid and included in the total purchase price to be paid by the successful bidder(s). The highest and final bid price plus 10% buyer's premium becomes the selling price or contract price to be paid by the buyer.
BROKER PARTICIPATION: A commission will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. Broker Participation Forms are available as a part of the Buyer Information Packages.
DISCLAIMERS AND ABSENCE OF WARRANTIES: The information in the auction advertising was obtained from sources believed to be reliable and accurate, but is subject to verification by all interested parties. All sketches, drawings and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller, the listing Broker or the Auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an "AS IS", "WHERE IS" basis and no contingencies, warranty or representations, expressed or implied, is made by the Seller, the Broker or the Auction company. All announcements made by the Auctioneer during the auction take precedence over any previously printed material or any other oral statements made. All information contained in the advertising and all related materials are subject to the terms and conditions for this auction and as outlined in the purchase agreement.
Cotton & Associates Auctions, LLC (Auction Company) and cooperating Brokers/Agents may provide Internet pre-auction and live bidding as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall Bidder have any kind of claim against the auction company, cooperating agents or anyone else if the Internet service fails to work correctly before or during the auction. Cotton & Associates and cooperating agents will not be responsible for any missed bids from any source. Internet bidders who desire to make certain their bid is acknowledged should use the proxy-bidding feature and leave their maximum bid with the auctioneer 24 hours before the auction begins.
PAYMENT INSTRUCTIONS: Online bidders must have a valid credit card and provide driver's license information to register for this auction. The credit card will be used FOR VERIFICATION PURPOSES. The winning bidder must provide an initial, non-refundable deposit payable to First International Title along with completed and signed contract, e-mailed or faxed to the auction company, by 5pm (CST) on the day auction ends. All remaining deposits must be paid to the Title Company within three business days by certified funds or wire transfer. The balance due will be paid at closing, which will be scheduled for 30 days or sooner, after the completion of the auction.
Seller User Terms
Bidder User Terms